Stocks mixed amid trade fears; oil prices rise

Global stocks were mixed Tuesday on worries over lingering trade conflict between the United States and China, while oil prices advanced ahead of a major hurricane that threatens US infrastructure.

Investors were monitoring US trade relations on various fronts, with Canada's top diplomat Chrystia Freeland back in Washington Tuesday for more talks, and after another round of negotiations between US and European officials concluded Monday without a deal.

China plans to ask the World Trade Organization next week for permission to impose sanctions on the United States over anti-dumping practices taken against some Chinese products. The conflict marks another front in the burgeoning dispute between the world's two biggest economies.

"The strained trading relations between the US and China have taken a new turn," CMC analyst David Madden said of the move which he said "could trigger a reaction from President Trump and investors are exiting equities as a result."

Key European markets London and Frankfurt both ended lower while Paris managed to edge into positive territory.

Wall Street stocks opened the session in the red, but sentiment shifted later in the day following strong data on small business confidence, said Karl Haeling of LBBW.

"Stocks kind of wanted to go up anyway" amid largely positive data that has shown the relative strength of the United States compared with other economies, Haeling said.

Large technology shares, under pressure in recent sessions, pushed higher, with Apple jumping 2.5 percent ahead of the expected launch on Wednesday of new iPhones.

Amazon, Microsoft and Facebook all won at least one percent.

Petroleum-linked companies were another strong sector, with Dow member Exxon Mobil rising 1.4 percent and Apache and Halliburton both winning 1.8 percent following a rise in oil prices.

The impending storm boosted gasoline prices due to panic buying of the fuel, as well as worries about oilfield infrastructure due to Hurricane Florence. Oil prices were also boosted by an expected hit to Iranian oil exports due to sanctions, analysts said.